need help clarifying insurance question

[sgc3301]

I've been reading a lot of the old Chubb vs. JM threads, how much insurance to carry, etc. but they are several years old and seem to conflict each other at times. I have a pretty good understanding of JM but can anyone just clarify if chubb does indeed cut a check to replace an item and let you decide what you want to do with it? furthermore, is that amount for like and kind replacement or the amount insured? and does anyone else have insurance that does this? i'm not leaning towards one company or another but just wanted this clarified for me. thanks!.

 

[rubybeth]

I can't speak about Chubb since I have JM, but I can tell you a bit about a recent claim I made with JM. My DH's ring needed to be cut off due to an injury, and I was surprised that this was even covered, but I'm so happy that it is because his wedding band was important to him with a personal inscription from me. When I filed the claim (online, very short form) I specified which jeweler I wanted to repair/replace the item. I got a letter within 24 hours via e-mail and a printed letter within 3 days stating that we can have the ring repaired whenever his injury has healed (could be months), and just to take it to the jeweler we specified, pay our $15 deductible directly to the jeweler, and the jeweler will bill JM directly for the repair costs. Very easy!

I don't know about replacement value in this instance, since we had generous coverage on our rings with a low deductible and low yearly fee, it shouldn't cost more than what we paid for the ring to have it repaired.